EPJ friend David Stockman who was the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan comes out as something of a hero at the time.

Volcker writes:

Almost from the start, the press reported grumblings about the Fed from White House staff. But my occasional meetings with the president remained cordial, David Stockman, Reagan's outspoken budget director, shared his anti-inflation instincts and regularly urged me to stick with it.